single parent and foster parent and need a larger home. I have FHA loan now. Is their any other loans that will work with you to get lower down?

Asked by Tlccompton, Clarksville, TN Sun Nov 7, 2010

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Derrick Sly, Home Buyer, Albuquerque, NM
Wed Jan 14, 2015
It's great that there are more options now when it comes to foster care housing. Good loan programs mean that you'll be able to get a better house right off the bat. Be warned, though. Interest rates are calculated based on risk of the loan not being paid off on time. If your employment isn't solid or lucrative enough, they might not be too eager to give a low interest rate.…
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Karla Miller, Home Owner, Clarksville, TN
Wed Nov 10, 2010
Hi. Thanks for the question! My best advice for you is to find one of our local awesome mortgage loan folks (call me if you need some folks' contact phone numbers), look at your assets, personal credit rating and see if you qualify for some of the local (Clarksville City Grant), State (THDA) and Federal (Fannie Mae etc, USDA ) down payment assistance programs. Some of these programs are tied to where the home is located such as rural housing-USDA program. I look forward to helping you get to your new home sweet home! Realtor Karla Miller 931 551-5233, Coldwell Banker Conroy, Marable & Holleman- Ft. Campbell Office, office phone: 931 552-1900. Have a great day! Karla
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Shayne Holla…, Agent, Jackson, TN
Mon Nov 8, 2010
You might try getting a FannieMae foreclosure through They usually don't require much down. If you close on one of their homes before the end of the year they will even give you up to 3.5% for closing cost assistance. If I can help you find one, just let me know. Best wishes.

Shayne Holland
Re/Max Cornerstone Real Estate
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Whitney Smith, Agent, Clarksville, TN
Mon Nov 8, 2010
As other agents have stated there are other loan options available to you which would reduce your down payment and also assist with closing costs. In order to determine if you qualify for those programs and to see which one is best suited for you and your family's needs you should speak with a lender and they can help you determine which one is best for your current situation. There is more than one lender that can do Fannie Mae Homepath properties here locally and in Middle TN. As mortgage guidelines ARE ever changing...speaking with more than one lender may open up options for you as different guidelines apply to different entities.
Feel free to contact me with any further assistance you may need!

Whitney Smith
Reliant Realty
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Dee Wagstaff…, Agent, Clarksville, TN
Sun Nov 7, 2010
Today, because of the "as I write, almost daily changes in lending guidelines and regulations," in my professional opinion, it would be wiser and in YOUR best interest for me to refer to a great local lender. As a licensed REALTOR®, yes, I have a rather strong working knowledge and understanding of financing and options; however, my primary goal is to assist you with identifying the right property and negotiating the best price and terms AFTER the lender advises you on all your financing options. I know several wonderful loan officers and would be happy to share their names and contact information. I would be honored and consider it an absolute pleasure to assist in anyway possible.

Yours in Successful Win*Win Solutions,
Dee Wagstaff-Williams
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Sydney Hedri…, Agent, Clarksville, TN
Sun Nov 7, 2010
Clarksville has a down payment assistance program. They will cover $5,000 of your down payment plus pay your closing costs (which will entice the seller to negotiate on price). It is subject to your income. It has to be coupled with an FHA loan. We have a whole neighborhood which is open to this community grant money, or it can be used elsewhere with stringent inspections on the subject property.

You can also find foreclosed homes which are fannie mae owned. There are fannie mae homepath loan programs which get you in with very little down payment. The only lender in town that can do fannie mae homepath is Chip Briggs at Regions Bank.

VA foreclosures can be financed with vendee financing, which is .25% down for owner occupants. You would have to prequalify with Bank of America.

I think you have lots of options. Feel free to contact me to discuss these options. My name is Syd and my number is 931-237-4137. Email is
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Deb Wilson, Agent, Clarksville, TN
Sun Nov 7, 2010
FHA is the best unless you qualify for a VA loan. There are downpayment assistance programs that will help pay your downpayment as well. If you would like to talk to me about those programs, it would be my pleasure to help you. Call me on Monday and I will connect you with the programs to help.
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Chris Mannino, Agent, Nashville, TN
Sun Nov 7, 2010
You may qualify for a THDA grant which will pay your downpayment for you. Call me for more info. Happy to help. Chris Mannino 615-299-7995
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